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BUSINESS NEWS
South Australian diehard
Argo Investments will get
only its third chief
executive in 64 years when
current CEO and 40-year
veteran of the Adelaide
establishment investor Rob
Patterson hands the reins
to a new generation of
fund managers.
Jason Beddow, who has
worked in the coalmining
industry, equities research
and, since 2001, as an
investment analyst at Argo,
will lead Australia's second-
biggest listed investment
company after its annual
meeting in October.
He will direct an equities
fund that controls more
than $3.7 billion in
Australian shares and has a
shareholder base of 70,000
investors.
Beddow will be based in
Sydney, where he lives, but
will commute to Argo's
Adelaide headquarters.
Patterson first walked into
Argo's office four decades
ago. As its new company
secretary, he was also its
second-in-charge - not an
onerous position given
there were only two
people on the payroll.
It was 1969 and Patterson,
not long out of an
accounting course at night
school, walked into one of
the biggest sharemarket
booms in recent history.
Albano earnings softer than planned
Abano Healthcare is expecting its second half
earnings to be "softer" than planned, due to a
temporary slowdown in its Australian Audiology
business, and ACC changes in New Zealand.
Jim's Group chief sued
Jims Mowing founder Jim Penman is being sued
for more than $5 million over claims he unlawfully
conspired to get rid of the head of his British
operation.
Dollar opens weaker after European session
The Australian dollar has opened slightly weaker
today after a poor bond auction in Greece and the
release of strong US consumer confidence figures..
STOCKS TO WATCH
AWB -- AWB LTD
Rural services provider AWB has agreed to sell
its AWB Geneva business to United States-based
Gavilon LLC for an as-yet undisclosed sum.
BHP -- BHP BILLITON LTD
Tw of the world's largest iron ore producers, BHP
Billiton and Brazil's Vale, have reached agreement
with Asian steel makers for shorter term iron ore
contracts.
THE MARKETS
GOLD 1200.78 USD per ounce
Dow
10,907.42 +11.56
Nasdaq 2,410.69 +6.33
FTSE 100 5,672.32 -38.34
AUS vs USD 0.9185
AUS vs NZD 1.2938
AUS vs UK 0.6094
AUS vs Euro 0.6846
TAYLOR COLLISON
BREAKING BUSINESS NEWS Argo helmsman navigated
many high seas
F1 VS AFL CLASH - WHO SCHED-
ULED THAT?
SPORT
Adelaide United's Asian
Champions League
momentum was slowed
by an unambitious
performance and 1-0 loss
to Sanfrecce Hiroshima in
Japan last night.
Previously unbeaten and
top of their group, the
Reds showed precious
little intent in the first half
at the Big Arch and went
behind to Hisato Sato's
header in the shadows of
the break.
They were then unable to
equalise in the final 45
minutes despite numerous
opportunities to do so.
Travis Dodd and Sergio Van
Dijk in particular will be
shaking their heads about
missing decent
opportunities to take
United to the cusp of
qualification for the next
phase with a hard-earned
point on foreign shores.
Contrary to his pre-match
words, Reds boss Aurelio
Vidmar did not make a
single change to the
starting 11 that had
earned a 3-2 win at home
to Hiroshima last week.
Hiroshima seemed
hesitant to run at United,
their only early efforts
coming from outside the
box despite winning more
possession in the first
half - one by Masato
Yamazaki in the 25th
minute forcing a solid
save by Eugene
Galekovic. - AAP
United lacks spark in first ACL loss
ELI GREENBLAT